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Quickest Closing - Investment Property; traditional financing

2,290 Views | 18 Replies | Last: 6 yr ago by zap
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I'm looking at buying a beach house in Port Aransas but need to get it closed ASAP in regards to summer rental income.

Assumptions: $335K, great credit, appraises good, inspection no major issues, private party sell but all documents filled out and pricing is decided on already. The only side bar is we are receiving a gift to cover the down payment of 20%.

What is the quickest you could see something like this getting closed?

While I'm here, what would be a screamin rate on a 30 year if I saw one?
SteveBott
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I can do 20 days but pushing it. I will PM rate

PM sent
Jay@AgsReward.com
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Gift funds are not allowed on conventional loans for investment properties with both Fannie/Freddie:


Fannie investment property guides


Freddie Mac investment guides



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26.2
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Make the gift into a loan
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26.2 said:

Make the gift into a loan


Go on...

It actually is a loan. We just can't sell one of our other houses quick enough to use the equity in this new one.
Deats99
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Probably 15-20 days if your paperwork is in order. Contact info is in my profile.
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
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Deats99 said:

Probably 15-20 days if your paperwork is in order. Contact info is in my profile.


Did you see the part about gift funds for down payment ?
Deats99
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Did you see the part about it being a loan?

Different investors for different people.
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Deats99 said:

Did you see the part about it being a loan?

Different investors for different people.


I didn't connect the dots that was what you were suggesting. Like a bridge loan?
Deats99
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Sorry I thought you were someone else. You said it is actually a loan though right?
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
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Deats99 said:

Sorry I thought you were someone else. You said it is actually a loan though right?


We can essentially get a loan in the form of a gift from our parents for a down payment on an investment short term rental. There is proven rental history and the entire summer is already booked out.

Additionally, we have a long term rental in Denton that has enough equity to cover the down payment and we were considering selling it to pay back the gift funds.
26.2
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So structure your loan that way. Draw up loan docs and submit to your lender. Also, stop calling it a gift if its a loan.
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26.2 said:

So structure your loan that way. Draw up loan docs and submit to your lender. Also, stop calling it a gift if its a loan.


Jay? Deats? Steve?
SteveBott
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Your solution presented to me in PM is the way to go
Jay@AgsReward.com
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Unless you are someone that has a very similar situation to someone else I am working with, I just talked to your wife about a potential avenue to get this done.
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Jay@AgsReward.com said:

Unless you are someone that has a very similar situation to someone else I am working with, I just talked to your wife about a potential avenue to get this done.

Is this Deja vu
Baba Ganoush
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We went through something similar to this recently on an investment property I was buying when the lender completely screwed the deal at the last minute. My mom gave me a large sum of money to help purchase the house with cash and then we kicked off the refi process. To work through the gift aspect, I put together a one page loan agreement with my mom at 0% interest outlining all the payment terms, etc. That seemed to satisfy the new lender requirements.
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Baba Ganoush said:

We went through something similar to this recently on an investment property I was buying when the lender completely screwed the deal at the last minute. My mom gave me a large sum of money to help purchase the house with cash and then we kicked off the refi process. To work through the gift aspect, I put together a one page loan agreement with my mom at 0% interest outlining all the payment terms, etc. That seemed to satisfy the new lender requirements.

Unfortunately we can't buy all cash and then refi. We can borrow 20% and then refi.

Thinking this is a straight hard-money situation until we can sell our other house and repay the 20%.

Hard-money anyone?
zap
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I ran into a similar situation with a parental loan. I was told the money had to be seasoned for 60 days.
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